efficiency of its financial system in allocating capital to investment will be important to sustain this growth. This paper shows … that of corporate investment efficiency. China's stock market appears to be aggregating diffuse information and generating … cost of equity capital, constraining the investment of China's smaller, more profitable enterprises. Further reforms that …

We analyze how tax incentives (bonus depreciation) affect real investment choices of firms by exploiting an exogenous …, but also to identify which types of investment (equipment, buildings, land) are are most affected (asset structure). Our … baseline results suggest that the DAL increased real gross investment by 16.0% to 19.9%. This aggregate effect is primarily …

with valuable signals for investment adjustment. The two forces have opposite impacts on the cost of capital, and the net … effect depends on which force dominates. We show that stocks of firms with low flexibility in investment adjustment ("value … firms") command an information premium, whereas stocks of firms with high flexibility in investment adjustment ("growth …

This bulletin presents estimates of effective corporate tax rates on new capital investment for 83 countries …. “Effective” tax rates take into account statutory rates plus tax-base items that affect taxes paid on new investment, such as … investment, such as retail sales taxes on capital purchases and asset-based taxes. We find that the U.S. effective corporate tax …